With the UK seeing an increase in energy conscientious consumers, solar panels have become a must have for homeowners, with installations doubling in June 2020. Solar technology is always improving and the cost to install is continuously decreasing, so it’s no question as to why people are investing in the energy saving systems. As well as this, consumers are more environmentally aware than ever before, and are understanding the benefits of renewables in order to reduce carbon emissions.
While there are many benefits to installing solar panels both financially and economically, there is uncertainty as to what impact solar panels have on a property’s value. It can be said that the influence of solar panels on the value of a property is subjective as it is likely to be predicted upon the balance of two main motivations: aesthetic and financial. Research in the last year however has found that a homes sustainability and energy efficiency now also acts as a significant factor that also influences sale price. In terms of aesthetic considerations, it is noted that solar panels have developed massively in recent years to become much less bulky and can even be in varying colours to make them as non-obtrusive as possible. Financially, homes can expect to see savings of up to 70% on yearly bills and can see even further benefits when integrating a battery storage system.
Mortgage provider ING Direct revealed last year that 4 in 10 people consider solar panels as the most desired extra on a home according to their independent study. Value is created in the ability to save on energy bills especially after the 37% increase in electricity prices in 2020, explaining the results of new research by Effectivehome.co.uk revealing that homes with solar systems can boost selling prices by £32,459 on average in the UK. In Edinburgh, the effect on home value after installing solar panels showed a massive increase of £40,095. The director at EffectiveHome says
“we hope our findings are a welcome surprise to property sellers who may be unaware that making energy-efficient changes to their home can make such a significant contribution to its valuation”.
Solar technology has gained mainstream popularity over the years with more than 1.3 million homes in the UK now using solar panels to power their homes. It is clear why from looking into the many benefits of solar panels, and the recent research highlighting the significant value they can add to homes.